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Income tax filing made mandatory if TDS, TCS amount exceeds Rs 25000 in year- Check here

Assuming how much TDS and TCS surpasses Rs 25000 in a year then Income Tax Return (ITR) must be filed, said the new ITR filing rule.

New ITR Filing Rules: If how much TDS and TCS surpasses Rs 25000 in a year then Income Tax Return (ITR) must be filed, said the new ITRfiling rule. The government has extended the extent of income tax filing to carry more individuals into the tax section.

As indicated by the notice gave by the Ministry of Finance, presently more pay gatherings and individuals with pay should file income tax forms. With the new changes, more individuals will be brought under the tax net. The new guidelines affect 21 April 2022.

As indicated by the new warning, if the business, turnover, or pay in the business is in excess of 60 lakhs, then, at that point, the return should be filed. ITR must be filed regardless of whether the pay of the expert is more than Rs 10 lakh for every annum.

Aside from this, an annual expense form should be filed regardless of whether how much TDS and TCS surpasses Rs 25000 in a year. Nonetheless, the restriction of TDS + TCS has been kept at Rs 50,000 for citizens who are 60 years or more.

The new warning likewise said that assuming the sum kept in the bank investment account is 50 lakh or more in 1 year, then, at that point, such investors will likewise need to document their expense forms.

The government accepts that with the new changes, the extent of income tax filing will increment from there, the sky is the limit and more individuals will actually want to come into the tax net.

Source

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